One week ago the Bitcoin value passed £7,400 for the first time ($10,000). This week it reached a record high of £12,600 ($17,000) in the frenzy to buy the digital currency.
As a result, an investor who had just 600 Bitcoins worth £440,000 at the start of 2017 would have been able to afford to buy the £5.3-million parcel of land earlier this week.
The land on Union Island is one of the growing number of high-value assets to be up for sale in the virtual currency.
The Aston Plaza & Residencesat Dubai Science Park was one of the first major developments to offer flats for sale valued in Bitcoin, hitting the headlines in September this year.
Apartments at the £190 million development have a starting price of 30 Bitcoin (BTC) – or £100,000 – and were launched by British entrepreneurs Michelle Mone, who founded lingerie brand Ultimo, and her venture capitalist partner Doug Barrowman.
They both believe it is a currency of the future and that using Bitcoin to purchase property is the next step for BTC investors who have already made significant gains.
Chief economist at Colliers International, Walter Boettcher, says his clients are unlikely to be comfortable buying and selling property in BTC until the currency stabilises.
But he says: “Don’t write it off just yet, once the first large scale deal is complete the floodgates will open.”
A £17 million six-storey mansion in London’s Notting Hill was also put on the market in Bitcoins in October.
It has already received two offers and the sale is currently going through the legal process, where tax issues such as stamp duty will need to be worked out.
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